WISH-TV swept up in $1.6B LIN Media deal

Indianapolis Mayor Greg Ballard, center, and his wife Winnie, to his right, speak with Spencer Moore, to his left, following his final scheduled debate with Democrat opponent Melina Kennedy at the WISH-TV studios, 1950 N. Meridian St., on Sunday, October 23, 2011. The debate lasted for 30 minutes and was televised on Channel 8. Charlie Nye / The Star.(Photo: Charlie Nye)

RICHMOND, Va. – Media General is buying fellow TV broadcaster LIN Media in a deal worth about $1.6 billion in cash and stock.

Indianapolis stations WISH-TV (Channel 8) is a LIN property.

The combined company would own and operate or service a combined 74 stations across 46 markets.

The companies say the deal is worth about $27.82 per share and represents an 87 percent premium over LIN’s Thursday closing stock price. The companies say LIN shareholders will own about 36 percent of the combined company.

The deal also includes about $968 million in debt.

LIN Media LLC shares are up 31 percent in premarket trading, while Media General Inc. shares are up 13 percent.

Under the agreement, LIN shareholders can receive either $27.82 in cash or 1.5762 shares of stock in the combined company for each of their LIN shares.

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